I Love A Mark In Uniform -

[dapaterson]

Kidnapping. Falsified documents. Hooters nights. Meet the sleazebucket car dealers who prey on our troops.

http://www.motherjones.com/politics/2009/07/i-love-mark-uniform

Back in 2000, a Marine Corps report on "financial readiness" noted that car buying creates more money problems for Marines and their families than any other factor. "If they're worried about finances and they're out in the field and the spouse is calling with problems, they're not concentrating on what they're doing," says Karen Varcoe, a professor at the University of California-Riverside who helped prepare the report.

 

[Haggis]

And I've heard similar (but less extreme) stories from areas around major CF bases, as well.  Kinda ties in to the recent Toronto Star article in another thread about how Canadian soliders spend their money after returning from oversas tours.

It's all about education.  Tell the troops the risks involved in these activities.  But, in the end, they're adults and we can't enforece frugality (or common sense) upon them.

 

[PMedMoe]

Agreed.  Some of these troops are probably the same ones using "payday loan" places when they're not on tour.

 

[basrah]

That is just disgusting. If I were one of these car salesmen, I would be a little worried about marines coming back and sorting things out the old fashioned way.

I remember feeling a bit weird when I went in for a loan and the banker had a military pay scale sheet laminated on her desk telling her how much I made, but that is nothing compared to the filth in that article!

 

[Long in the tooth]

There is a big hole in our training - financial management.  As a coy clerk I've had more than a few soldiers re-sign because they bought a car they could ill afford.  I just retired with $80,000 in my RRSP, btw.

 

[gaspasser]

Looks like the military needs to do what the school system is trying to do here in Ontario.  High school kids will soon HAVE to take a compulsory course prior to graduation in financial management and budgeting.  It seems parents aren't helping their kids by throwing money at them and saying go spend. (not me, I don't have  :2c: to rub together!) Or not taking the time to sit them down and have a chat.  Then again, my eldest used to look at me with that glazed over look in his eyes of "dad you don't know sh*t".  I just helped my him, he moved out 6 months ago, with a budget now that he has a part time job and didn't know how to manage the few bucks he was bringing in. 
Mind you, on the opposite side of the coin.  I'm seeing young people get in, who know where they're going, how to get there, have money in the bank, a decent car, a nice house...and a good head screwed down tight. 
I guess it all boils down to responsibility.


:2c:

 

[dustinm]

I just retired with $80,000 in my RRSP, btw.

Is that a lot? I ask out of ignorance; I realize at 18 that I've had so many issues with people taking my money against my will (bills, loaning money to people I shouldn't have with no way to get it back, etc.) that when I do get some now, I want to spend it before someone takes it, so at least I get to enjoy it.

However I know the importance of budgeting, and if I do get into the CF my pay will be sliced and diced each pay period to make sure I've got a savings account and RRSP, so that one day I'll be able to afford a decent house, car, and retirement.

 

[Roy Harding]

I seem to recall yearly compulsory lectures regarding such things as finances, estate planning, amongst other subjects which escape me at the moment.

They usually occurred in the period immediately preceding Christmas Block Leave (at least in the various field units to which I belonged) - and I'm not sure how much attention was being paid by the troops - but they were required to attend.  In the one HQ I served in - these type of lectures did not take place.

Are these yearly "tick in the box" lectures no longer done?

 

[Newt]

Is that a lot? I ask out of ignorance; I realize at 18 that I've had so many issues with people taking my money against my will (bills, loaning money to people I shouldn't have with no way to get it back, etc.) that when I do get some now, I want to spend it before someone takes it, so at least I get to enjoy it.

However I know the importance of budgeting, and if I do get into the CF my pay will be sliced and diced each pay period to make sure I've got a savings account and RRSP, so that one day I'll be able to afford a decent house, car, and retirement.

As a general rule you should be putting between 5-10% of your gross income (that's income before deductions) into retirement savings. On top of that you should strive to put an equal amount into regular savings. Life happens, and not everyone can fulfill, but it is a good goal.

Good resources here: http://forums.army.ca/forums/threads/26093.0.html

 

[kratz]

PD days (Professional Development). There are too many subjects on the required list to fit into one or two days. Too often the temptation for many topics offered see them shortened to a mere mention and move on approach. Making matters worse is the rolling of eyes from experienced sailors who have heard the lectures before and tune out before finding out if there are new developments.

It's easy to say a lecture should be offered, but weigh off the value of the lecture and it's eventual outcome.

 

[PMedMoe]

As I said in the other thread this was posted in, the means are available for soldiers to learn about finances through SISIP advisors, financial counsellors, etc.  It's called responsibility.

I don't see more "death by PowerPoint" lectures helping.  As kratz said, most people tend to zone out, others only attend because they have to, to get a check in the box.

 

[Bianca]

"It was a one-way trip; the hapless grunts were told that they'd have to buy a vehicle in order to get back to base and not be declared AWOL."

That's disgraceful!

 

[Old Sweat]

Cliff Chadderton the CEO of War Amps, who lost a leg in Northwest Europe as an officer in the Royal Winnipeg Rifles, used to give a fantastic lecture on financial planning to Canadian army audiences in the bad, old days. It was extremely effective and prevented a lot of troops from getting in over their heads.